March 29, 2022 (MLN): Riding on the slippery slope, the Pakistani rupee (PKR) shed further depreciated by 15 paisa against US dollar in today's interbank session as the currency closed the trade at PKR 182.34.
On Tuesday, the local unit had traded at PKR 182.19 per USD.
The rupee traded in a range of 25 paisa per USD showing an intraday high bid of 182.40 and an intraday low offer of 182.15.
In the wake of worsening political conditions and depletion of foreign exchange reserves, PKR continues to hit all-time new lows on regular basis.
Economic growth is not sufficient to plug the weakness and fill the gap. However, the domestic unit can still correct after a minor fall, Asad Rizvi, the former Treasury Head at Chase Manhattan noted.
From July’21 to date, the local unit has lost Rs24.79 against the USD. Similarly, the rupee fell by PKR5.82 in CY22, with the month-to-date (MTD) position showing a decline of 2.67%, as per data compiled by Mettis Global.
During the last 52 weeks, PKR lost 16.49% against the greenback, reached its lowest at 182.34 today and touched its high of 152.27 on May 7, 2021.
Furthermore, the local unit has weakened by 10.62% since its high on March 31, 2021, against EUR. While, it has dropped by 12.30% against GBP since its high on April 09, 2021.
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Within the open market, PKR was traded at 182.30/183.20 per USD.
Alternatively, the currency gained 53 paisa against the Pound Sterling as the day's closing quote stood at PKR 239.06 per GBP, while the previous session closed at PKR 239.59 per GBP.
On the other hand, PKR's value weakened by 1.1 rupees against EUR which closed at PKR 200.71 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation (OMO) in which it injected Rs95.95 billion into the market for 3 days at 9.78 percent.
The overnight repo rate towards the close of the session was 10.25/10.50 percent, whereas the 1-week rate was 10.10/10.20 percent.
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